If you are struggling with your personal finances and are finding it hard to pay your bills on time, it might be time to take professional advice
If you are struggling with your personal finances and are finding it hard to pay your bills on time, it might be time to take professional advice. A lot of people use the term ‘gone bust’ for someone who is bankrupt or for a company which has ceased to trade. Bankruptcy is a formal court procedure which can be instigated by you or by one of your creditors who are owed at least £5,000. At Westcotts, we would suggest that Bankruptcy is considered as a last resort, but in some instances, it is the right option depending on your circumstances.
In a typical Bankruptcy scenario your assets will be sold off to repay your creditors. This may include your home if there is sufficient equity involved. Your personal belongings, contents of your home and tools of the trade are all excluded unless these are of a high value, in which case, these may be sold also. Bankruptcy impacts heavily on families and will also impact on your credit rating and ability to obtain future credit. Bankruptcy will typically last 1 year until you are discharged. Whilst you are undischarged there are a number of restrictions imposed on you. For example, you will not be able to act as a Company Director.
There are a number of alternatives to Bankruptcy such as Individual Voluntary Arrangements (IVA) and Informal Debt Solutions. If advice is taken early enough, it may be possible to avoid Bankruptcy altogether and get your personal finances back on track. Talk to us today to discuss your circumstances on 01392 255888.
The specialist sectors we can advise you on include,
but are not limited to the following:
- Charities and Not for Profit
- Company accounts
- IT Contractors
- Manufacturing and Technology
- Owner Managed Businesses
- Professional Practices
- Property and Construction
- SME Market
- Timeshare Industry
- Tourism and Leisure
Whoever you are, wherever you are, whatever you want to achieve. With more offices in the South West than any other firm, we’re always on hand to offer face-to-face advice, opening doorways to a whole world of specialisms and services which are available to all of our clients whenever they need them.
To find your nearest office or get in touch with one of our specialist advisers, please go to our ‘contact us’ page.